Stock Market Today: Stocks March Higher; This FANG Leader Attempts To Regain Buy Point | Stock News & Stock Market Analysis

The major market averages were modestly higher in early morning trade Friday ahead of the GOP’s scheduled unveiling of its reconciled tax-overhaul plan. All three major indexes — the Dow Jones industrial average, S&P 500 and the tech-heavy Nasdaq advanced about 0.5% apiece.

XMeanwhile, Bitcoin futures — which debuted this week on the Cboe (CBOE) — rose nearly 8%.

Among the Dow Jones industrial components, Boeing (BA) extended a win streak to four trading sessions, rising another 0.8% to a fresh record high. Shares are about 20% above a 246.59 flat-base entry, a potential profit-taking area.

On the downside, IBM (IBM) declined 1%. Shares are back under their 200-day line within a 10-month consolidation.

FANG stocks looked to end the week on an upbeat note in the stock market today, but were mixed through morning trade. Facebook (FB) moved up 0.6%, further positioning itself above its 50-day line and a 175.59 buy point. Amazon (AMZN) rose 0.1%, as expectations rose for the e-commerce giant to emerge as the undisputed leader of holiday spending. Amazon is just 3% off its all-time high and still nearly 10% from a 1083.41 entry.

Finally, Netflix (NFLX) reversed from nice gains to trade around its break-even mark, as the IBD SwingTrader member is shaping a new, flat base with a 204.48 buy point. The video-streaming giant broke out to a brief rally past a 190.05 cup base buy point in October, before surrendering those gains.

Among companies reporting earnings, Adobe Systems’ (ADBE) beat-and-raise Q4 results sparked a 1% gain early Friday. Shares continued to rebound from their 50-day line, where they have been finding support the last two weeks.

Oracle (ORCL) dropped over 5%, as a double-bottom formation broke down. The company reported solid fiscal-Q2 earnings results late Thursday, but its cloud-computing revenue and total revenue outlook fell short of the Street’s targets. The stock was at a 6-month low and below its 200-day line.

Meanwhile, warehouse retailer Costco (COST) rose over 4% after topping fiscal-Q1 estimates, as better-than-expected same-store sales fueled the earnings beat. Shares have been strong since a Nov. 21 breakout above a 173.19 cup-with-handle entry. The stock is about 13% from that level Friday.

CSX (CSX) plunged nearly 8% early Friday after CEO Hunter Harrison took a medical leave of absence. The stock was now about 4% below a 55.09 flat-base entry after a breakout on Nov. 30 and close to triggering the 7%-8% sell signal.

Inside the IBD 50, financials were among the day’s winners. Leaderboard member SVB Financial (SIVB) advanced 1.8% and is still in buy range from a 223.92 alternate entry.

On the downside, China-based names were under pressure in early trade. Alibaba (BABA) fell 0.7%, looking to end the week with a near-4% decline. Shares are squarely below their 50-day line after finding resistance there Monday.


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Originally posted 2017-12-16 17:34:37.


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